The Conversation (0)
Silver Bullet Mines Corp. (TSXV: SBMI,OTC:SBMCF) (OTCQB: SBMCF) ("SBMI" or "the Company") is pleased to provide historical technical information related to its two recent acquisitions, the Columbia Mine and the Gold Queen Mine. These past producing mines are contiguous to each other located in Gila County, Arizona, roughly 30 miles from the Company's mill in Globe, Arizona.
The Company has repeatedly spoken of its hub and spoke business model, commencing in 2020. This model envisions the hub being the Company's wholly-owned mill and the spokes of the wheel being whatever proximate mines it may own or from which mineralized material is provided to the mill to be processed. This has been a successful model for SBMI. The proximity of the Columbia Mine and the Gold Queen Mine to the mill supports the Company's hub and spoke thesis.
The Columbia Mine and the Gold Queen Mine were until recently owned by Phelps Dodge Corporation (now a subsidiary of Freeport-McMoRan Inc. as a result of a USD$25.9 billion acquisition in 2007). They have historically produced mainly copper with secondary production of gold, silver, zinc and lead. They are in the Dripping Springs District of Arizona, a district with well-documented mining production.
SBMI has not been able to locate any data related to these mines disseminated in accordance with NI 43-101. All data either predates NI 43-101, was created by entities not subject to NI 43-101, or was anecdotal from trusted sources. SBMI has not found any historical resource estimates in any category for these mines, and cannot state whether the work supporting the data was carried out under the supervision of, or approved by, a Qualified Person, or what QAQC measures were followed. SBMI does rely upon such data to inform its investment thesis and to provide guidance for possible future exploration and development. Readers should treat all data referred to herein with caution.
Background data from independent third parties, including the United States Geological Survey, with references can be found at:
- https://mrdata.usgs.gov/mrds/show-mrds.php?dep_id=10046332
- Dripping Springs Mines (Dripping Springs claims; Cocreham and Haywood Mine; Gold Nugget Mine; Gold Queen Mine; Columbia Mine; Roundtop Mine), Dripping Springs, Dripping Spring Wash, Dripping Springs Mining District, Gila County, Arizona, USA
- Dripping Springs Mines - Western Mining History
- Gold Queen Mine Near Kelvin, Arizona | The Diggingsâ„¢
SBMI has in its possession a PowerPoint presentation created in 2018 (the "Presentation") by a prior private corporate owner of the Gold Queen and Columbia Mines. Two of the Company's current contractors were part of the team working those assets in 2018, and therefore can attest to and have attested to their belief in the accuracy of the contents of the Presentation and its authorship. The author of the Presentation was a Canadian B.Sc., P.Geo. having the characteristics and qualities of a Qualified Person, and who in fact served as a Qualified Person for Canadian reporting issuers.
The reader should be made aware that in the paragraph below, the historical production figures and grades are anecdotal and not necessarily to be relied upon.
According to the Presentation, Dripping Spring Mines shipments including but not limited to the Columbia and Gold Queen Mines in the 1940's were reported to contain 2 - 7% copper with 0.08 to 0.28 oz per ton gold. Then-recent vein and stockpile sampling yielded high grade gold values including 49.1 g/t, 35.8 g/t, and 27.6 g/t. Historical sketches of the Columbia Mine included in the Presentation show numerous significant assay results for copper at depth in the Columbia Mine (pages 15 and 16).
From Page 15 of the 2018 MGM Minerals Presentation
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From Page 16 of the 2018 MGM Minerals Presentation
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Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed, verified and approved the information contained herein and is the Qualified Person for this release as per NI 43-101 Sec. 3.1. He has not visited either the Columbia Mine or the Gold Queen Mine.
SBMI also announces the resignation of John MacKenzie from its board of directors. Mr. MacKenzie is the founder of and CFO for a new Canadian mining company that wishes to raise capital and go public. That project requires all of his time and attention. The Company thanks him for his contributions to SBMI's success.
For further information:
John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that may constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; the results of exploration and development activities; shareholder and regulatory approvals including the BLM; activities and attitudes of communities local to the location of the SBMI's properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
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